A report by investment firm Ariel Property Advisors recently reported that The Bronx saw a record $2.4 billion in sales of residential properties. Now, in an interview with the firm’s president, Shimon Shkury, reveals to New York Real Estate Journal that Melrose led the borough in such sales.
Such sales do not include commercial transactions, including high profile sales such as the Bronx General Post Office at $19 million, the old YMCA building on 161st Street for $6.85 million, and the College of New Rochelle’s sale of their Melrose campus for $10.5 million, and vacant land transactions — little of which is left of in the area that is not slated for affordable housing developments.
Shkury said in the article:
“The bourgeoning South Bronx attracted a slew of investors, developers, and tenants to pair with a strong pipeline of residential and hotel developments, which had a positive effect on the entire borough’s pricing. More buildings traded in the South Bronx neighborhood of Melrose than any other neighborhood in the borough – 41 properties over 18 transactions valued at $192 million.”
This doesn’t come as much of a surprise since Melrose is the borough’s fastest growing neighborhood and over 4,000 units of “affordable” housing has been built in less than a decade with several thousands more to come. The area benefits from an excellent transportation network with just 2 stops into Manhattan and 15 minutes into Midtown Manhattan and less than 20 minutes at the Melrose Metro North Station to employment centers in Westchester County and points north.
The area, since the birth of The Bronx as a county, has been the civic heart of our borough and continues to be the unofficial downtown area in the mainland borough.
With so many purchases going on in Melrose and the surrounding areas and the Special Harlem Waterfront District just a few blocks over, fears of gentrification are mounting every day.
The community wants to see the neighborhood continue to revitalize but not to be priced out. They want to continue to be part of the conversation of what happens here as they are stakeholders whether landowners or renters. They want to strengthen our small businesses, our mom and pop shops which are the heart of our communities.
We can achieve a revitalized neighborhood for everyone without displacement if we work together to protect the most vulnerable. Let us never forget that everything is possible.